OKX announces user compensation plan in wake of OKB price crash

Crypto exchange OKX faced significant market turbulence this week as its native token, OKB, experienced a nearly 50% drop in value in a brief timeframe. OKX has informed its 393,100 followers on X of a comprehensive internal plan to resolve existing issues and has pledged to compensate its users for any additional losses resulting from abnormal liquidation. “The platform will fully compensate users for additional losses caused by abnormal liquidation. The specific compensation plan will be announced within 72 hours,” the exchange stated. As of the latest update, the OKB…

Bitcoin (BTC) Prices More Impacted by ETF, GBTC Outflow, Rather Than China Stimulus Plan: Analysts

“The rebound of the Chinese economy will have profound implications for the global economy, and any stimulus or accommodative policy will be an encouraging sign to investors. The crypto market will also perceive such policies as risk-on and, therefore, be more willing to innovate and active in market expansion,” said Greta Yuan, Head of Research at VDX, a regulated exchange in Hong Kong, in a note. Original

Celsius moves $125m in ETH to exchanges amid plan to repay creditors

Embattled crypto lender Celsius has moved over $125 million in Ethereum to various cryptocurrency exchanges in the last week, signaling its plans to commence creditor repayments. Data from Arkham Intelligence shows that between Jan. 8 and 12, Celsius transferred Ethereum worth $95.5 million to Coinbase and $29.7 million to FalconX. Despite these large transfers, the lender still holds substantial assets, including over 580,000 ETH, currently valued at approximately $1.47 billion, and 9,799 BTC worth around $417.67 million. On Jan. 5, Celsius Network unstaked an impressive 206,300 ETH, valued at $470…

BNB Beacon Chain Fusion Releases Six-Month Plan

BNB Chain intends to disable its atomic swap feature in April and all Bridge providers will be expected to begin informing users by February. We are in the first few weeks of 2024 and the scene is seemingly being set for the rest of the year. The industry is still on a high note from the recently- announced Bitcoin spot ETF approval but even more news is rolling in. The latest comes from BNB Chain, which recently announced the six-month roadmap for its BNB Beacon Chain Fusion. The roadmap was…

UK plan on digital securities sandbox laid before Parliament

The United Kingdom Financial Services and Markets Act’s provisions on a digital securities sandbox are scheduled to come into force in January 2024 after being presented to Parliament. In a Dec. 18 publication, the U.K. government announced the Digital Securities Sandbox (DSS) regulations of the 2023 Financial Services and Markets Act, which were laid before Parliament, paving the way for crypto firms to test products and services in the country. According to the government, the regulations will take effect on Jan. 8, with the Bank of England and the U.K.…

FTX Files Reorganization Plan to End Bankruptcy

In the new proposal, creditor and customer claims are classed according to the priority the estate plans to give them, and the value of claims will be calculated based on asset prices as of the date the company filed for bankruptcy. In a separate statement, the estate said the plan was designed to “maximize and efficiently distribute value to all creditors.” Source

FTX proposes plan to end bankruptcy

FTX Trading Ltd. Introduced a new proposal to return billions of dollars to customers and creditors. FTX has filed an amended plan of reorganization that will value assets at the rate at the time of the bankruptcy filing—November 11, 2022. At that time, Bitcoin (BTC) was trading at around $17,000; the current price is above $41,100. Source: CoinMarketCap In addition, at the beginning of November 2022, the FTT token was valued at approximately $26. It is now trading at $3.70. FTX is currently discussing how best to end the bankruptcy…

Gemini creditors revolt over ‘brutal’ Bitcoin slashing reorg plan

Gemini Earn creditors are fuming over a proposed reorganization plan that could see their promised Bitcoin (BTC) payouts effectively slashed to about 30% of what they’re worth at current market rates. In an X post, Gemini Trust revealed it sent creditors an email on Dec. 13 outlining the proposed plan, which has now been put up for a vote. Under the proposed plan, creditors will receive a payout equal to their Earn crypto balances as of Jan. 19, 2023 — the date that Gemini’s cryptocurrency lending partner Genesis Global Capital…